LOW INCOME HOUSING TAX CREDIT PROGRAM

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1 LOW INCOME HOUSING TAX CREDIT PROGRAM MISSOURI HOUSING DEVELOPMENT COMMISSION PURPOSE An incentive for the new construction or rehabilitation of rental housing affordable to low and moderate income families in Missouri. AUTHORIZATION Sections to , RSMo HOW THE PROGRAM WORKS This program leverages equity investments from the private sector for the development of rental housing, thereby reducing rents to affordable levels for low and moderate income families. It is based upon the federal low-income housing tax credit program and provides a state tax credit for ten years to qualified owners and investors in affordable rental housing developments equal to approximately 9% of the eligible development costs. Developments financed with tax-exempt bonds are eligible to apply for state tax credit for approximately 4% of the eligible development costs. The state low-income housing tax credit may be allocated to a qualified project in an amount up to 100% of the federal tax credit allocated to the project. The total amount of federal 9% credits available is capped annually at an amount set by the IRS and based on the population of the state, which results in a cap for the state 9% credits at the same amount. There is also a $6 million statutory annual cap on authorizations of state 4% credits. ELIGIBLE AREAS Statewide. ELIGIBLE APPLICANTS Developers (private and not-for-profit) are eligible to apply for tax credit. ELIGIBLE USE OF TAX CREDITS This tax credit can be applied to: 9 Ch. 143 Income tax 9 Ch. 147-Corporation Franchise tax 9 Ch Bank Tax 9 Insurance Premium Tax 9 Other Financial Institutions Tax 9 Ch. 153-Express Company Tax This credit s special attributes: 9 10-year credit 9 Carryback 3 years 9 Carryforward 5 years 9 Sellable or transferable within an ownership structure APPLICATION PROCEDURE Each summer a notice of funding availability is issued announcing an application deadline for both 9% and 4% projects scheduled in the fall. The process to determine the allocation of tax credits is competitive. MHDC staff reviews all proposals to determine the financial feasibility and the demand for affordable rental housing in the community. Staff makes its recommendations to the Commission from the fall application round in the winter. A second application round is held for 4% projects in the spring, which follows the same competitive evaluation process, with staff recommendations and Commission approvals made before the end of the fiscal year. SPECIAL PROGRAM REQUIREMENTS An eligible proposal must: 9 Create rental units for households having incomes below 60% of the area median family income; 9 Maintain the affordability of the rental units by restricting rents for up to 30 years; 12/09

2 9 Assist in the production of financially viable, market appropriate housing in areas of greatest housing need in the State; 9 Be sponsored by an entity with prior successful housing experience and the ability to proceed in an expeditious manner. An approved proposal must meet program standards including on-going compliance reviews concerning: 9 Resident household eligibility; 9 Rent restrictions; 9 Occupancy standards; 9 Physical property condition. CONTACT Missouri Housing Development Commission 3435 Broadway Kansas City, MO Phone: Fax: ADDITIONAL RESOURCES Go to the MHDC home page at and choose the Rental Production link to obtain guidelines and forms for the Low Income Housing Tax Credit Program. 12/09

3 TAX CREDIT ANALYSIS Program Name: Missouri Low Income Housing Tax Credit Program Department: Missouri Housing Development Commission Contact Name & No.: Kathryn Watts, Date: October, 2010 Program Category: Housing Type: Tax Credit X Other (specify) Statutory Authority: Sections , RSMo Applicable Taxes: Income Tax; Corporate Franchise Tax; Insurance Company Annual Tax on Gross Premium Receipts; Other Financial Institutions Tax; Express Company Annual Tax on Gross Premium Receipts Program Description and Eligibility Requirements: The Missouri Low Income Housing Tax Credit Program (LIHTC) is a ten-year state tax credit to qualified owners and investors in affordable rental housing. The LIHTC generates equity investments from the private sector for the development of new or rehabilitated rental housing in order to lower rents to affordable levels for low-income families. A qualified development is one that rents at least 20% of its units to families earning 50% of the median family income or at least 40% of its units to families earning 60% of median family income, adjusted for family size. The development must: meet a demonstrated need for affordable rental housing in the community; be economically feasible; leverage tax credits with other financing; demonstrate local support; and provide affordable rental housing for qualified low-income Missourians for an extended period of time, typically 30 years. Explanation of How Award is Computed: Entitlement Discretionary X The amount of the Missouri LIHTC allocated to a given housing development is directly related to the percentage of low-income housing units made available to qualified low-income families and the acquisition, construction or rehabilitation expenditures to create the development, less land and non-depreciable costs. There are two types of Missouri LIHTC: 9% and 4%. Developments compete annually for the 9% Missouri LIHTC, which enables them to receive tax credits equal to 9% of the total eligible development costs. Developments receiving an allocation of tax-exempt bond-financing from the Dept. of Economic Development may apply to receive the 4% Missouri LIHTC in an amount equal to roughly 4% of the total eligible development costs. The maximum amount of Missouri LIHTC that may be issued for any development is 100% of the federal LIHTC issued for the development. Program Cap: Cumulative $ (remainder of cumulative cap) $ Annual 100% of federal LIHTC for 9% and $6 million for 4% None Explanation of cap: The 9% Missouri LIHTC issued through the competitive application cycle is capped at 100% of the federal LIHTC or approx. $2.10 per capita for Per HB 191 Explanation of Expiration of Authority: Specific Provisions: (if applicable) Carry forward 5 years Carry Back 3 years Refundable No Sellable/Assignable No Additional Federal Deductions Available Yes Comments on Specific Provisions: FY 2008 FY 2009 FY 2011 Certificates Issued (#) Projects (#) Amount Authorized (10 yr)¹ Amount Issued (10 yr) Amount Redeemed EST. Amount Outstanding² EST. Amount Authorized but Unissued³ $124,120,070 $133,724,820 $98,305,085 FY 2012 (current year) (budget year) $316,175,550 $149,068,200 $192,000,000 $192,000,000 $145,997,420 $155,703,625 $158,815,000 $165,537,000 $105,967,104 $142,141,458 $167,400,000 $197,150,000 $269,385,135 $1,144,764,412 Notes: 1) The FY10 Actual Amount Authorized reflects new LIHTC authorizations. In FY10, there were also $42,322,530 "deauthorized" from projects authorized credits in previous fiscal years. Problems in the credit and housing markets caused several projects to stall, restructure or fall apart, resulting in returns of some or all of their previously authorized credits. These deauthorizations thereby reduced the EST. Amount Authorized but Unissued. 2) Because of the way tax credits are tracked and reported, redeemed credits cannot be tied to a particular year out of the 10-year credit stream. This makes it impossible to account for expired credits and the effect of the carry forward and carry back period. The figure provided is considered the maximum potential outstanding amount. MHDC is currently working with DOR, DIFP, DED and ITSD on revised tracking methods which would allow for a more accurate estimate of outstanding credits. 3) The Amount Authorized but Unissued includes projects that have received approval but have not completed construction as well as amounts remaining to be issued out of projects' 10 year stream of issuances.

4 Program Name: TAX CREDIT ANALYSIS Missouri Low Income Housing Tax Credit Program HISTORICAL AND PROJECTED INFORMATION $350,000,000 $300,000,000 $250,000,000 $200,000,000 $150,000,000 $100,000,000 $50,000,000 Amount Authorized Amount Issued Amount Redeemed Comments on Historical and Projected Information: 1) Historically, the amount of authorized and issued LIHTC has fluctuated based upon the number and size of developments receiving an allocation of tax-exempt bond financing from the Department of Economic Development and therefore receiving 4% LIHTC. HB 191 (2009) capped the number of new annual 4% LIHTC authorizations at $6 million and projections for FY11 and FY12 reflect the new cap. 2) The projections of redeemed credits for FY11 and FY12 are estimates based on the amount of credits issued and the historical trend of credits redeemed. This projection cannot precisely account for carry forward and carry back provisions nor the individual credit holder's decision on when to claim a particular credit. 3) The high authorizations in FY09 resulted from MHDC changing its process for counting credits as "authorized," thereby aligning authorizations with the fiscal year in which credits are approved by MHDC's commissioners. The FY09 authorized amount accounts for credits approved in both FY08 and FY09 as MHDC transitioned from the old process to the new. For FY10 and forward, authorizations reflect projects granted initial commission approval and authorization within the same fiscal year. FY 2008 FY 2009 FY 2011 FY 2012 BENEFITS Direct Fiscal Benefits Indirect Fiscal Benefits COSTS Direct Fiscal Costs Indirect Fiscal Costs BENEFIT: COST Total Total $2,197,996 $2,176,118 $4,374,114 NA BENEFIT: COST ANALYSIS (includes only state revenue impacts) Other Fiscal Period (15 years) $7,215,987 $7,144,161 $14,360,148 $125,354,322 $125,354, Derivation of Benefits: Investment: (a) $307,487,614 in residential construction and development costs between Employment: (a) 59 FTE employees (0 displaced) in Rental/Leasing and Repair/Maintenance industries in ; (b)$656,902 in annual maintenance contracting between Other Assumptions: (a) 1,739 low income households with reductions of household expenditures by $2,942,388 per annum ($141 monthly per unit) between Incentives/Credits: (a) $148,968,200 in Authorized LIHTC between Impacts occur in the Statewide Region. Assumptions provided by DED. Estimated using REMI-PI+Statewide Model (remi-fiscal-pi+aug10). The multi-year fiscal Benefit-Cost Ratio is 0.10 when other program incentives are included. Other Benefits: The Missouri LIHTC increases the availability of rental housing that is affordable to low-income families and seniors. It also reduces blight and improves communities through the new construction and rehabilitation of affordable rental housing in Missouri. The additional project equity raised by the state LIHTC allows more projects to be built and makes project rents more affordable. In 17 out of 27 projects authorized in FY10, the projects would not be feasible as Low Income Housing Tax Credit units without the state tax credit equity, resulting in a loss of 794 affordable rental units in the state. In the 10 remaining projects, the rents would increase an average of $141/month without the state tax credit equity. The reduced rents brought about by the state tax credit increases households' disposable income and allows low-income families and seniors to meet more of their other basic necessities such as food, clothing, education and health care. The Missouri LIHTC increases the quality of construction and provides additional amenities in developments such as community rooms for seniors and learning centers for children living in affordable multi-family housing developments in Missouri. The subsidy provided by the Missouri LIHTC also makes it economically feasible to develop new or rehabilitated affordable rental housing in many very low-income rural communities in Missouri. Lastly, the Missouri LIHTC helps preserve affordable rental housing that is in danger of being lost from the affordable housing stock and it leverages millions of dollars of federal rental assistance for many low-income families and seniors in Missouri.

5 Program Name: Missouri Low Income Housing Tax Credit Program TAX CREDIT ANALYSIS Other Benefits (cont'd): In FY-2010, every dollar of authorized program tax credits returns in new personal income totaling $76.07 million in new value-added/gsp totaling $ million in new economic output totaling $ million Over 15 YEARS, every dollar of authorized program tax credits returns $2.99 in new personal income totaling $ million $4.17 in new value-added/gsp totaling $ million $5.85 in new economic output totaling $ million PERFORMANCE MEASURE(S) Number of Housing Units Produced or Preserved 6,000 5,500 5,000 4,500 4,000 3,500 3,000 2,500 2,000 4,939 4,450 2,214 FY 2008 FY 2009 Comments on Performance Measure: This performance measure is the total number of LIHTC housing units placed in service each year from FY The reduction in units placed in service during is largely due to previously approved projects that stalled and/or fell apart due to turmoil in the credit investor market and housing market over the past months. actual

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